Two weeks to 1 April 2022
Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK.
The Chancellor's Spring Statement 2022
On 23 March 2022 the Chancellor of the Exchequer delivered his Spring Statement. Whilst this was originally not intended to be a fiscal event, there were a number of tax announcements made. In addition, the Chancellor published a “Tax Plan” for the remainder of the Parliament. See here for a summary of the most important announcements.
OECD Pillar 2
- PwC responds to UK government consultation on the implementation of the OECD Pillar 2 rules
Read our response to the consultation on the implementation of these rules in the UK.
- Our Market Taxation Analyser (MARTA) tool
The introduction of a global minimum tax will have far-reaching effects across many industries. Not only potentially from a financial perspective, because additional top-up tax will be due to achieve the minimum 15% effective tax rate, but certainly from a data collection and compliance perspective. PwC’s MARTA tool quantifies and visualises the impact of the introduction of these new rules on your business in various scenarios. It’s also a first step in preparing for compliance with the rules. See here for further details and contacts.
UK launches negotiations with Canada on a new, modernised trade deal
Canada and the UK have announced the launch of negotiations towards the conclusion of a free trade agreement. Building on the benefits of the UK-Canada Trade Continuity Agreement, the new Free Trade Agreement will go further than ever before in areas like innovation, digital, data, the environment and women’s economic empowerment.
HMRC updates list of approved offshore reporting funds
HMRC has updated its list of approved offshore reporting funds to include the latest funds that have entered the Reporting Fund Regime.
Business in Focus podcast: Quicker routes to delivering change
In the face of a rapid shift toward cloud and digital technology, how can businesses overcome the project delivery lag before seeing results? Amid a workforce crunch, the answer could be to look to new partnering arrangements. This episode discusses how keeping pace with transformation should start with looking at the delivery as well as the solution.
PwC responds to the EU Commission public consultation on Minimum Taxation
On 1 April, we in PwC submitted our response to the EU Commission on legislating the OECD Pillar 2 rules in the EU via a Directive, see here.
ECJ: Withholding tax on notional interest compatible with EU law
In a Bulgarian case, the European Court of Justice (ECJ) held that EU law does not preclude national legislation imposing withholding tax on notional market-based interest (mandated under local tax anti-avoidance rules). Such withholding tax cannot be exempt under the regimes of the IRD (EU Interest & Royalty Directive 2003/49/EC) or the PSD (EU Parent-Subsidiary Directive 2011/96/EU), as there have been no actual payments of interest. Read more in this PwC tax blog.
CJEU rules that Portugal’s withholding tax on dividends paid to non-resident investment funds is incompatible with EU Law
The Court of Justice of the European Union (CJEU) has rendered its judgment in the AllianzGI-Fonds AEVN case (C‑545/19), finding that Portuguese withholding tax on dividends paid to non-resident investment funds is in breach of EU Law. This judgment is of great impact to non-resident UCITS and other similar non-resident investment vehicles. Those entities may in fact claim withholding tax incurred in Portugal in the last four years, as well as any withholding tax being applied until the Portuguese legislation is amended to reflect the conclusions of the CJEU’s Judgement. Read more in our PwC EUDTG news alert.
Crypto assets: new rules to stop illicit flows in the EU
Under the new requirements agreed by MEPs, all transfers of crypto-assets will have to include information on the source of the asset and its beneficiary, information that is to be made available to the competent authorities. The rules would also cover transactions from so-called unhosted wallets (a crypto-asset wallet address that is in the custody of a private user). Technological solutions should ensure that these asset transfers can be individually identified. See this European Parliament press release.
CFE Tax Advisers Europe
EU Tax Policy News Top 5
The latest round-up of EU Tax Policy news from the Confédération Fiscale Européenne (CFE). The latest edition includes: 1) EU Parliament: Hearing on the Dutch Tax System & Exchange of Information with Pandora Papers Jurisdictions; 2) OECD: Public Consultation on CRS – Crypto-Assets; 3) Registration Open: CFE Forum 2022 on 12 May 2022 in Brussels; 4) New FATF Anti-Money Laundering Standards; and 5) Review of the EU Economic Governance Framework. Visit their latest news page here.
Exploring the details of the OECD Pillar Two Commentary - webcast
This US client webcast from 30 March provides observations and insights into the OECD Commentary to the Pillar Two Model Rules released on 14 March. The Commentary provides guidance on the interpretation and application of the Model Rules, which will help facilitate coordinated outcomes for both tax administrations and MNE Groups. The much anticipated Commentary is accompanied by a number of illustrative examples and addresses some, but not all, of taxpayers' previously open questions. The aim is for Pillar Two to be brought into law in 2022, with the income inclusion rule (IIR) to be effective in 2023, and the undertaxed payments rule (UTPR) to come into effect in 2024. Register here to watch the replay.
- Thailand deposits its instrument for the ratification of the MLI
Thailand deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (or MLI) on 31 March 2022. The MLI will enter into force on 1 July 2022 for Thailand.
- BEPS MLI enters into force for Seychelles
The BEPS Multilateral Instrument entered into force for Seychelles on 1 April 2022.
See here for the latest list of signatories and parties.
New results on the prevention of tax treaty shopping show progress continues with the implementation of international tax avoidance measures
The OECD has released a new peer review report that assesses the actions taken by jurisdictions to prevent tax treaty shopping and other forms of treaty abuse under Action 6 of the OECD/G20 BEPS Project.
OECD seeks input on new tax transparency framework for crypto-assets and amendments to the Common Reporting Standard
The OECD has released a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets, as well as proposed amendments to the Common Reporting Standard (CRS) for the automatic exchange of financial account information between countries. The purpose of the consultation is to inform policy makers decisions on the possible adoption of any such framework and its related design components.
OECD releases IT-format to support exchange of tax information on digital platform sellers
The OECD has released the standardised IT-format to support the electronic reporting and automatic exchange of information collected under the OECD's Model Reporting Rules for Digital Platforms (OECD 2020). These Model Rules require digital platforms to report on the income realised by those offering accommodation, transport and personal services, as well as those selling goods, through platforms and to report the information to tax authorities. See this OECD item.
Taxation of the digital economy
Keep track of the number of international initiatives that are underway to address the tax problems caused by digitalisation of our economy:
- OECD Pillars 2
See comments in OECD section above.
- EU Pillar 2 Directive
See comments in EU section above.
- Digital tax byte
The latest edition from 22 March includes publication of the Commentary on Pillar 2 GloBE Rules, together with the status of attempts to implement those rules across the EU and also in Switzerland. We also focus on the consultation on the Implementation Framework for the GloBE Rules and on a possible extension of the EU's blacklist criteria for non-cooperative jurisdictions regarding Pillar 2.
- Digital tax megabyte for February 2022
This edition includes details of Pillar One consultations on Nexus/ Revenue Sourcing and on Tax Base plus the expectation of 11 similar papers and an imminent OECD Pillar Two consultation. We also note a push by the EU Council's French Presidency to see Pillar Two impacts in the EU. The US Trade Representative has meanwhile sent Canada comments on its pending DST. Singapore's Budget announced consideration of a domestic minimum top-up tax. The Danish government's proposed introduction of a streaming levy is also under the spotlight and we comment on the Dominican Republic's consultation on VAT on digital services provided by foreign suppliers. The UK is meanwhile consulting again on the possibility of an online sales tax. Malaysia is providing an amnesty covering late registration/payment of its tax on digital services.
Environmental, Social and Governance (ESG)
- ESG & Tax - Sustainability & Transformation
The second of our ESG & Tax virtual webinars is taking place on Tuesday 5 April at 10:00am. The focus will be on the key role tax plays as part of the Business Sustainability and Transformation agenda. Please register using this link.
- Why companies need an overarching ESG strategy – and why Europe needs joined-up regulation
We’ve just published the top-line findings from our EU Green Deal Survey, based on responses from nearly 300 businesses across 13 European countries. Our goal in conducting the research? To understand our clients’ awareness of the European Union Green Deal, and its implications for their operations across different geographies and industries. This is the first entry in a blog series which aims to deliver an industry perspective on the findings of the EU Green Deal Survey. The first of which delves into the consumer markets industry.
Federal Budget Insights 2022-23
The Treasurer delivered the Federal Budget on Tuesday 29 March 2022 - the third handed down against the background of the COVID-19 pandemic. Unsurprisingly, major tax reform was not on the Government’s agenda. Instead, we saw a range of measures aimed at providing more immediate relief to help individuals and families with cost of living pressures including the “cost of living” tax offset. We also saw a continued focus on supporting business through Australia’s economic recovery. This included a range of measures to support small businesses, leverage new technologies to reduce tax compliance and expand the Patent Box regime to increase innovation in low emissions technology and in the agricultural sector. See here for our detailed analysis of the measures.
Monthly Tax Update - April 2022
Welcome to the April 2022 edition of Australia's Monthly Tax Update, keeping you up to date on the latest Australian and international tax developments.
Digital Games Tax Offset
The Australian Treasury recently released draft Digital Games Tax Offset (DGTO) legislation for comment and consultation. The DGTO is a refundable tax offset of an amount equal to 30% of a company's qualifying Australian development expenditure on completing a new digital game, porting a completed digital game to a new platform or ongoing development of completed digital games during an income year. The maximum tax offset available to a company is $20 million per year. Read more in this PwC tax alert.
Amendment of the Austria-UAE double tax treaty
Last summer Austria signed a Protocol amending its 2003 double tax treaty with the UAE which provides for significant changes in certain areas. The Protocol was ratified in Austria at the end of 2021. In the UAE, government approval for the Protocol has been granted, but final ratification has not yet taken place. If the Protocol is ratified in the UAE in the near future, and the instruments of ratification are exchanged by the end of 2022 (as currently expected), the planned amendments will enter into force from 2023. Read more in this PwC news item.
See here for latest updates.
Update COVID-19 and cross-border employment: agreements with Germany, Netherlands, France and Luxembourg extended
The mutual agreements between Belgium and the Netherlands, France, Luxembourg and Germany are now officially extended and thus applicable until 30 June 2022. See this PwC news item.
2022 Federal budget ─ What could be in it
With Canada’s 2022 federal budget looming, we consider what tax measures the Liberal government might have in store. Since it is a minority government, the Liberals will require the support of another federal party to enact its budget proposals. Read more in this PwC Tax Insights.
2022-2023 Quebec budget: Tax highlights
On 22 March 2022, the Minister of Finance presented the 2022-2023 Québec government’s budget. See here for the highlights of the budget’s main tax measures.
UK launches negotiations with Canada on a new, modernised trade deal
As reported above, Canada and the UK have announced the launch of negotiations towards the conclusion of a free trade agreement.
2021 China tax policy review and 2022 outlook - Embracing uncertainties, striving for flourishing
Read the 7th issue in the series of annual publications designed by PwC’s China National Tax Policy Services to review key tax policy developments in China and discuss the trends as well as implications on Chinese enterprises from a forward-looking perspective.
China’s first unilateral APAs under the simplified procedures have been signed
China recently signed unilateral Advance Pricing Arrangements (APAs) with two companies located in the Jiangsu Province and the Guangdong Province, respectively. These were the first two signed unilateral APA cases under the simplified procedures in China since the Public Notice on Matters Regarding the Application of Simplified Procedures of Unilateral Advance Pricing Arrangements — STA Public Notice  No.24 (Public Notice 24) became effective. The two cases took four months from application to formal signing, providing the companies with tax certainty on their transfer pricing arrangements in a quick and efficient manner. Read more in this PwC Tax Insights.
Cyprus Parliament votes for the extension of the deadline for submission of certain direct tax returns
The Cyprus Parliament recently voted for the extension of the deadline for submission of certain direct tax returns. The deadline for electronic submission of the 2020 corporate tax return (T.D.4) has been extended to 31 July 2022 (from 31 March 2022). See this brief PwC Tax Insights.
Documentation requirements for refund of withholding tax on portfolio dividends of foreign shareholders in breach of EU law?
In his Opinion of 20 January 2022, the Advocate General (AG) suggests to the European Court of Justice (ECJ) that Germany’s requirements for withholding tax claims filed by non-resident corporate taxpayers with their seat or place of management in the EU or EEA are too strict in two respects and thus in violation of Article 63 TFEU on the free movement of capital. Read more in this PwC tax blog.
Compliance-Trap in International Insurance Programs
There has been an increased number of notifications to the Federal Central Tax Office during tax audits for the failure by German subsidiaries and permanent establishments to declare and pay over German Insurance Premium tax on premiums paid by a foreign group entity to an insurer domiciled outside the EU or EEA. This can prove very costly. Read more in this PwC tax flash.
No claim for refund of withholding tax for Canadian pension fund
The Regional Tax Court of Munich rendered its final decision in the case of the College Pension Plan of British Columbia which is a pension fund in the legal form of a trust under Canadian law. The court held that the pension fund is not entitled to relief from withholding tax on dividends from domestic portfolio holdings. The court saw no violation of the free movement of capital. This judgment was preceded by a decision of the European Court of Justice (ECJ) as a result of a preliminary request submitted by the Munich tax court. Read more in this PwC tax blog.
Government of India releases the CEPA framework between India and the UAE
In February 2022, India and the UAE signed a comprehensive economic partnership agreement (CEPA) covering approximately 90% of bilateral trade between the two countries. The UAE is currently India’s third largest trade partner and second largest export destination. The CEPA is expected to increase the current bilateral trade volume from the current US$60bn to US$100bn over the next five years. Read more in this PwC Tax Insights.
Smart automation – how the modern tax function can do more with less
We continue to see an unprecedented level of change in the tax landscape. Developments like BEPS 2.0, DAC7 and Continuous Transaction Controls (such as eInvoicing and eReporting, for example) are putting increasing pressure on organisations to deliver more with less. Tax functions today have more obligations, but fewer staff and more data, and less time. It’s therefore becoming increasingly difficult for tax functions to operate in the traditional way. To meet these challenges, tax functions must look to technology to drive efficiency and reduce manual effort. Read more.
Transfer Pricing in UAE - What lies ahead?
On 31 January 2022, the UAE Ministry of Finance (MoF) announced the introduction of a federal corporate tax (CT) in the UAE that will be effective for financial years starting on or after 1 June 2023. The proposed UAE CT regime will cover the introduction of formal transfer pricing (TP) rules and TP documentation requirements in line with the TP Guidelines issued by the OECD. In addition, other CT aspects (e.g. tax grouping, freezone regime, etc.) could have an impact on the applicability of the TP requirements to the businesses. This PwC news alert provides our preliminary thoughts on the expected TP impact on businesses and the recommended next steps based on the current available information.
Government of India releases the CEPA framework between India and the UAE
As reported above, in February 2022 India and the UAE signed a comprehensive economic partnership agreement (CEPA) covering approximately 90% of bilateral trade between the two countries. The UAE is currently India’s third largest trade partner and second largest export destination. The CEPA is expected to increase the current bilateral trade volume from the current US$60bn to US$100bn over the next five years. Read more in this PwC Tax Insights.
Amendment of the Austria-UAE double tax treaty
As reported above, last summer Austria signed a Protocol amending its 2003 double tax treaty with the UAE which provides for significant changes in certain areas. The Protocol was ratified in Austria at the end of 2021. In the UAE, government approval for the Protocol has been granted, but final ratification has not yet taken place. If the Protocol is ratified in the UAE in the near future, and the instruments of ratification are exchanged by the end of 2022 (as currently expected), the planned amendments will enter into force from 2023. Read more in this PwC news item.
DAC7 legislative proposal to Dutch House of Representatives
Legislative proposals regarding the automatic exchange of information for digital platform operators were recently presented to the Dutch House of Representatives. These would implement the previously adopted EU Directive expanding the scope of automatic exchange of information to EU and non-EU digital platform operators (“DAC7”). Read more in this PwC tax news item.
Tax Bill to be passed by Parliament
New tax legislation is expected to be passed by Parliament shortly, which will enact a number of changes to the tax rules for: 1) the deductibility of interest payments for residential property investors; 2) the bright-line test; 3) cryptoassets; 4) GST invoicing and record keeping; and 5) local authorities. This Tax Tips Alert focuses on key changes made to the legislation as a result of the Select Committee public consultation process.
Portuguese dividend withholding tax for foreign UCITS in breach of EU law
As reported above, does the free movement of capital require a Member State to tax non-resident and resident investment vehicles according to the same tax system? This is the question raised in the request for a preliminary ruling submitted to the European Court of Justice (ECJ) by the Portuguese tax court (Tax Arbitration Tribunal). Contrary to the Opinion of the Advocate General, the ECJ decided that the withholding tax on dividends paid to non-resident Undertakings for Collective Investments in Transferable Securities (UCITS) is in violation with current EU Law. Read more in this PwC tax blog.
Swiss sanctions in the RU-UA conflict – Update 2.0
In response to Russia’s ongoing invasion of Ukraine, the Federal Council took the decision on 25 March 2022 to adopt further sanctions against Russia, thereby implementing the Federal Council decision of 18 March 2022 to adopt the latest package of EU sanctions. The measures came into force at 11pm on 25 March 2022. Read more.
Singapore Budget 2022 webcast
Singapore’s FY2022 Budget Statement was announced by the Minister for Finance on 18 February 2022. Watch our webcast as we break down the new measures and share insights on what this year’s Budget means for you and your business.
Tax Governance and Tax Risk Management Initiatives
The Inland Revenue Authority of Singapore (IRAS) recently launched two new voluntary compliance initiatives: the Tax Governance Framework (TGF) and Tax Risk Management and Control Framework for Corporate Income Tax (CTRM). These initiatives are to promote the adoption of good tax governance principles and to demonstrate that it has established a robust tax governance framework. Read more in this PwC tax bulletin.
Swiss sanctions in the RU-UA conflict – Update 2.0
As noted above, in response to Russia’s ongoing invasion of Ukraine, the Federal Council took the decision on 25 March 2022 to adopt further sanctions against Russia, thereby implementing the Federal Council decision of 18 March 2022 to adopt the latest package of EU sanctions. The measures came into force at 11pm on 25 March 2022. Read more.
For the latest updates on current topics, see this PwC Switzerland Insights page.
Taiwan Tax Update - March 2022
This edition includes: 1) Ministry of Finance (MOF) announced amendments to Enforcement Rules of Income Basic Tax Act on 22 February 2022 to incorporate new investment tax credit (ITC) items and to include separately-taxed gain from sales of a house and land in the tax base of alternative minimum tax (AMT); 2) MOF announced amendment to the definition of force majeure event stipulated under Article 10-1 of Enforcement Rules of the Income Tax Act.
Thailand deposits its instrument for the ratification of the MLI
As noted above, Thailand deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (or MLI) on 31 March 2022. The MLI will enter into force on 1 July 2022 for Thailand. See here for the latest list of signatories and parties.
Pricing financial transactions #1: Cash pooling arrangements
In the volatile economic climate caused by successive COVID-19 pandemic waves, businesses have been scrambling for cost-efficient funding schemes. Where available, many multinational enterprises are opting for intra-group funding, as internal liquidity pools allow group members to support each other financially before seeking (costly) external funding. PwC Thailand will be exploring the key controversies surrounding such financial transactions through notable court cases in OECD countries. This first tax blog explores issues related to the base rates used for cash pooling transactions.
President Biden’s FY 2023 budget proposes new “billionaire” minimum tax; renews call for corporate rate increase and other tax increases
President Biden has sent to Congress a $5.8 trillion FY 2023 budget that proposes new tax increases, including a new 20% minimum tax that would apply to certain high-income individuals, and other measures to reduce federal deficits by $1 trillion over 10 years. New business tax increase proposals include an “undertaxed profits rule” that would replace the current base erosion anti-abuse tax (BEAT). The President’s budget also re-proposes a 28% corporate income tax rate and numerous other tax provisions that were included in his FY 2022 budget. Read more. Additional analysis of the budget proposals can be found in this:
- Week in Review podcast - In this episode Todd Metcalf shares his insights on President Biden’s FY23 budget that was released on Monday. He also answers the question that he received most this week: How real are these budget proposals?
LB&I “compliance campaign” targets foreign investors engaged in inbound lending transactions
In the US, the IRS Large Business & International (LB&I) division has begun implementing a broad compliance campaign targeting certain foreign investors engaged in offshore lending to US-based borrowers. The LB&I campaign, announced last year, will utilize issue-based audits to examine whether foreign investors were subject to US tax on effectively connected income (ECI) from lending transactions engaged in through a US trade or business. Read more.
First quarter 2022 state and local tax developments
This publication presents a brief summary of significant SALT Insights published this quarter, along with all the state and local tax developments on which we have issued Insights over the last three months.
Arizona running out of tax credit funds; issuing awards on a first-come, first-serve basis
Arizona provides a refundable Qualified Facility Tax Credit (QFTC) program and a non-refundable Quality Jobs Tax Credit (QJTC) program. Both programs can be advantageous for businesses looking to locate or expand in Arizona, including those that have done so in the previous 36 months. Read more in this PwC Tax Insights.
Iowa reduces its research activity credit, enacts contingent corporate rate reduction, and reduces individual tax rates
Enacted on 1 March 2022, H.F. 2317 makes several changes to Iowa’s research activity credit. It also provides for a contingent corporate income tax rate reduction that is triggered when total corporate income tax revenues exceed $700 million. Read more in this PwC Tax Insights.
Texas Supreme Court sources service receipts to location of personnel or equipment, not where services are received
The Texas Supreme Court recently held that amounts received for Sirius XM’s radio satellite services are sourced to where services are performed rather than to where services are received, and that performance of the service is located where the taxpayer’s personnel or equipment is physically doing useful work for the customer. Read more in this PwC Tax Insights.
Subscribe for US tax alerts
You can sign up for Tax Alerts issued by the US to be emailed to you. Subscribe using the link on this page.
Webcasts, blogs & podcasts:
- Cross-border tax talks: The Final FTC Regs: Credibility for Creditability?
In this episode from 25 March, Doug McHoney (PwC's US International Tax Services Co-Leader) is joined by PwC’s Washington National Tax Services International Tax Leader Michael DiFronzo, former Deputy Associate Chief Tax Counsel International at the IRS. They discuss some of the practicalities of the creditability rules in the Final FTC regulations, particularly cost recovery, attribution requirements, an unintended incentive to offshore IP, and foreign jurisdiction considerations.
- Tax Readiness: Supply Chain, Business Disruption, and Unlocking Cash through Tax
Join our panel of specialists on Wednesday 13 April at 7pm as they discuss the current global and economic environment and illustrate the challenges through various case studies to demonstrate how tax might offer some pathways to clarity and improved cash flow. Register here.
- Tax Readiness: New York sales tax developments - SaaS and information services (State and local tax perspective)
Recent New York court rulings are changing the guidelines for business tax payers around information service, software as a service, and taxation of bundled and mixed offerings. In this episode, PwC professionals from the State and Local Tax practice analyse these recent rulings.
- Policy on Demand series
- How will sanctions, other economic numbers weigh on the economy?
In this episode, Karl Russo shares his insights on the near term economic impacts of the conflict in Ukraine and February job growth in the US.
- US R&D capitalisation considerations for companies
In this episode, George Manousos discusses financial reporting and planning considerations related to R&D capitalization. He also shares frequently asked questions and his advice for companies.
- Week in Review
- In this episode (noted above) Todd Metcalf shares his insights on President Biden’s FY23 budget that was released on Monday. He also answers the question that he received most this week: How real are these budget proposals?
- In this episode Ken Kuykendall shares his takeaways from a busy week - movement of US competition legislation, Supreme Court nomination, and OECD guidance on taxing virtual currencies. He also answers the question that he received most this week: Are we going to receive country-by-country GILTI rules and will they be recognized as compliant under Pillar 2?
- Banking & Capital Markets Tax Updates Webcast
In this webcast from Wednesday 30 March our specialists had an in depth discussion on up-to-the-minute taxation issues and other hot topics impacting financial accounting and reporting of income taxes. To view a recording, register here.
A number of previous webcasts are available for replay in our US tax reform hub here, including:
- Tax Readiness webcast: Q1 financial reporting considerations
In this replay, our Tax Accounting Services (TAS) specialists take a deep dive into relevant tax accounting matters and recent tax developments.
- Tax Readiness: Exploring the details of the OECD Pillar Two Rules Commentary
Register here to watch the replay where our panel of specialists discuss observations and insights into the recently released OECD Commentary to the Pillar Two Model Rules.
- Tax Readiness: The future of tax - What’s your workforce and tax technology strategy in 2022?
Register for the replay here to hear our panel of specialists as they discuss how businesses are facing a growing list of challenges in 2022 and are increasingly relying on their people and technology systems to do more. Companies have to execute a variety of tasks in order to adhere to burdensome compliance requirements, workforce issues, and evolving tax policy, including OECD’s Pillar Two.
For regular updates on this topic, check out our US tax reform hub on The Suite here.